台灣美元商業本票之創新與展望： 以國際票券金融公司為例

The Innovation and Vision of USD Bills in Taiwan : IBFC

胡進良(Chin-liang Hu)

指導教授 ： 沈仰斌

元智大學/管理學院/管理碩士在職專班/碩士(2012年)

摘要

國內貨幣市場於民國84年開放新設立票券公司以來，全市場最高達16家專業票券金融公司之榮景，惟至100年底僅存8家票券金融公司，大部分票券公司因經營未具效益，終致併入集團所屬銀行體系收場，足見票券業經營有如落日餘暉，而業者為突破經營困境，更不惜耗費大量人力、物力，積極尋覓及開發新種商品，99年底終獲主管機關首肯開辦美元票券業務，然開辦此業務前，雖已取得往來客戶之市調評估報告，樂觀預期可為票券業開展另一片春天，但在開辦業務一年來，無論成交筆數或金額均呈逐步萎縮，眼見市場將趨凋蔽，實應刻不容緩來找出主要影響變數，並作深入的探討及分析，是觸發本文之研究動機。
本文除簡介票券公司發展動態外，並對美元票券發展歷程加以說明，另以國際票券金融公司所承銷三個個案作為研究重心，深入探討客戶發行動機及其成本效益。研究結果發現影響本業務推展因素眾多，雖然我國貿易是以出口為導向，但由於美元非本國貨幣，將牽涉我國外匯政策，而相關之金融環境，如利率、匯率的變動，均足以影響客戶發行之效益，另有關法令結匯額度之限制、外幣同業拆款之鬆綁、匯率避險之因應措施及信用評等制度之落實，均是未來要面對解決重要課題，期能使美元票券成為符合潮流之效率市場。

關鍵字

美元商業本票

並列摘要

Since 1995, the government opened up the money market to allow formation of new bills finance companies, there were 16 bills finance companies at peak. However, at the end of 2011, there are only 8 independent bills finance companies still in the business. The rest of them, mainly because of the inefficient operation, were merged into its own conglomerate or holding companies. We can also observe that the bills finance markets have gradually deteriorated and encountered visibly market shrinkage. With the purpose of overcoming operation difficulties, practitioners in the business spend abundant money and other resource into developing new product lines. In 2010, the government finally agreed the new operation of the US dollar bills. The bills finance companies look forward to the new business and believe the US dollar bills could significantly increase the bottom-line for the industry. Within a year since the new products, however, the number of transactions reduced significantly. It is undoubtedly important to find the major variables which caused the deterioration of USD bills market, thus we decide to conduct more research and discussion via this research.
The following article begins with the current development and operation of bills finance companies, and also the initiation process of the USD bills in Taiwan. The research of clients‘ motivation and cost efficiency in issuing USD bills was illustrated by three cases actually underwritten by IBFC. The research result shows considerable numbers of factors which impact the USD bills market. Although Taiwan is an export-oriented economy, US dollars are not circulated domestically. The US dollars conversion is supervised under the government foreign currency regulation. Other related financial environment change, such as interest rates and foreign exchange fluctuation will affect the cost efficiency of USD bills insurance as well. The limitation of foreign currency conversion, restriction of over-night lending between counterparties, methods of foreign currency hedge, and credit ratings system are additional issues need which to be solved, in order to improve the efficiency of USD bills market.

並列關鍵字

USD bills

參考文獻

7.國際票券金融股份有限公司(http://www.ibfc.com.tw/)。

引用參考網站

1.中央銀行提供之金融統計資料(http://www.cbc.gov.tw/mp1.html)。

2.中華民國票券金融商業同業公會提供之業務統計(http://www.tbfa.org.tw/)。

3.中華信評公司(http://www.taiwanratings.com/tw/)。